Wed, 01 May 2024 | BUSINESS SALE
A specialist engineering firm based in the Black Country has been rescued in a pre-pack acquisition. Kingswinford-based T.M. Engineers (Midlands) fell into administration late last month after being hit by the rising costs of utilities, materials and labour.
Richard Tonks and Kim Richards of BK Plus were appointed as joint administrators of the company on April 26 and, soon after their appointment, sealed a pre-pack sale to TM Specialist Engineers, a new firm supported by a party that was not previously linked with the business, in a deal that safeguards 24 jobs at the company.
T.M. Engineers is a sub-contract engineering business that specialises in heavy steel fabrication and large part precision machining work. The ISO9001-approved company has been involved in projects a wide array of sectors, including defence, scientific, marine, nuclear, handing and oil and gas.
The firm operates from a 45,000 sq ft single source West Midlands manufacturing facility, offering a fabrication facility, as well as a CNC machining department providing turning, milling and boring.
In T.M. Engineers’ most recent accounts at Companies House, for the year to March 31 2023, its fixed assets were valued at slightly over £380,000 and current assets at £1.46 million. At the time, the firm’s net assets amounted to £221,475.
Commenting on the pre-pack sale, joint administrator Richard Tonks said: “We are delighted to have completed a sale that ensures continuity for the Company’s employees and sustains a long-established business in the Black Country.”
“Although the company had invested heavily to improve its physical and procedural infrastructure, it faced challenges due to rising costs in materials, labour, and utilities. Nevertheless, the highly skilled workforce and high-quality engineering facilities made it an attractive proposition for the right buyer.”
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